State Bank of India

State Bank of India

The State Bank of India is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai.

The roots of the State Bank of India go back to 1806 when the Bank of Calcutta (later renamed the Bank of Bengal) was established.

It was one of three Presidency banks, (the other two being the Bank of Bombay and the Bank of Madras) that were incorporated as joint stock companies and were the result of royal charters. These three banks received the exclusive right to issue paper currency until 1861 when the right was taken over by the Government of India.

The Presidency banks amalgamated in 1921 becoming the Imperial Bank of India, which in turn became the State Bank of India in 1955.